Institutional Investors

New Jersey formalises due diligence procedures


The New Jersey Division of Investment recently approved a new set of due diligence procedures that detail the process of sourcing, evaluating and vetting of alternative investment managers, including hedge funds.

The process is divided into four segments - pipeline development, preliminary due diligence, full due diligence and legal review. The $68 billion fund currently has a 5% allocation to hedge funds and plans to maintain a database of investment opportunities. The data will be gathered from various sources, including funds of funds, general consultants, other general partnership relationships and publications, according to